New York City, New York - (NewMediaWire) - August 12, 2019 - Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Pivotal Software, Inc. ("Pivotal" or the "Company")(NYSE:PVTL) of the August 19, 2019 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Pivotal stock or options pursuant and/or traceable to the Company's April 20, 2018 initial public offering ("IPO") and/or between April 24, 2018 to June 4, 2019 (the "Class Period") and would like to discuss your legal rights, click here: www.faruqilaw.com/PVTL. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail email@example.com.
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The lawsuit has been filed in the U.S. District Court for the Northern District of California on behalf of all those who purchased Pivotal securities pursuant and/or traceable to the Company's April 20, 2018 IPO and/or the Class Period. The case, Doherty v. Pivotal Software, Inc. et al., No. 19-cv-03589 was filed on June 20, 2019, and has been assigned to Judge Charles R. Breyer.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose that: (i) Pivotal was facing major problems with its sales execution and a complex technology landscape; (ii) the foregoing headwinds resulted in deferred sales, lengthening sales cycles, and diminished growth as its customers and the industry's sentiment shifted away from Pivotal's principal products because the Company's products were outdated, inadequate, and incompatible with the industry-standard platform; and (iii) as a result, the Company's public statements were materially false and misleading at all relevant times.
On June 4, 2019, post-market, Pivotal reported its financial and operating results for the first quarter of fiscal year 2020, advising investors that "sales execution and a complex technology landscape impacted the quarter." Wedbush Securities analyst Daniel Ives called the quarter a "train wreck" and characterized the Company's operating results as "disastrous," asserting that Pivotal's "management team does not have a handle on the underlying issues negatively impacting its sales cycles and the activity in the field which gives us concern that this quarter will be the start of some 'dark days ahead' for Pivotal (and its investors)."
On this news, Pivotal's share price fell from $18.54 per share on June 4, 2019 to a closing price of $10.89 on June 5, 2019: a $7.65 or a 41.26% drop.
Since Pivotal's IPO, the Company's share price has declined from its IPO price of $15.00 by over 20%.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Pivotal's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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